The Latest in IT Security

Securities trade group urges hardware revamp after Nasdaq August halt

06
Dec
2013

By Herbert Lash NEW YORK (Reuters) – A trade association for the securities industry said on Thursday it is time to revamp how the hardware behind the trading halt in Nasdaq stocks in August is governed, a move that would likely reduce their control by the two leading U.S. stock exchange operators. The Securities Industry and Financial Markets Association recommended a number of sweeping changes to the securities information processors, or SIPs, which spit out the best quotations and last sale price of stocks traded in the U.S. stock market. SIFMA said neither the association nor its members had reviewed any detailed proposal or analysis to make the SIPs more resilient after one of them got clogged with quotes on August 22, halting Nasdaq trading for three hours. In a letter to the Securities and Exchange Commission, SIFMA said broker-dealers and asset managers should be included in the SECs September order for the U.S. stock and options exchanges to draw up plans to buttress the SIPs.

Comments are closed.

Categories

WEDNESDAY, DECEMBER 13, 2017

Featured

Archives

Latest Comments

Social Networks